Wright Medical reports first-quarter financial results for 2016

Wright Medical Group N.V. reported its first-quarter financial results for 2016 which included $181 million in net sales, with a 14% increase in net sales for global extremities and biologics on a pro forma constant currency basis.

“All of our most important financial results exceeded our expectations,” Robert Palmisano, president and chief executive officer of Wright Medical, said in a company press release. “Global extremities and biologics pro forma constant currency net sales growth of 14%, adjusted [earnings before interest, tax, depreciation and amortization] EBITDA of $16.2 million and adjusted gross margins of 77.4% reflect the strength of our markets and our unique position in them. We continued to successfully execute our merger integration plans and with the early success we are seeing, we believe we are well positioned to continue our strong business momentum and to deliver on our synergy commitments as we progress through 2016.”

According to the release, Wright Medical had a total net loss of $39.3 million or $0.38 per diluted share for the first quarter from continuing operations. At the end of the quarter, there was $121.4 million in cash and cash equivalents.

Wright Medical expects the full-year 2016 net sales to be between $705 million and $715 million, which is an increase from the prior guidance of between $695 million and $705 million.

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